Behavioural Science and Housing Decision Making: A Case Study Approach
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This book takes a behavioural approach to examine six important housing questions: tenure decision making, neighbourhood decision making, housing prices, housing cycles, housing wealth effects, and housing satisfaction.
Using experimental and field data, the book demonstrates the effects of six behavioural biases and heuristics (reference dependence, loss aversion, framing effect, mental accounting, market sentiment, and social comparison) on these housing decisions. The first part of the book introduces the questions and provides a behavioural science toolbox before the second part adopts a real-world case study approach. Real data sets and suggested answers are provided, and the cases come from the UK, USA, Hong Kong, and China. Background information is given in each case to facilitate the understanding of the case data and question, as well as the discussions on the results.
This book is ideal supplementary reading on a variety of courses such as housing studies, economics, real estate, research methods, and for students and academics who are interested in the application of behavioural science in housing decisions.